In the 2nd quarter of 2021 service exports calculated in EUR increased by 21%, while its imports decreased by 3.4% compared to the same quarter of the previous year. The surplus was EUR 1571 million, EUR 983 million more than in the 2nd quarter of 2020.
As reported by Hungary's Central Statistical Office (KSH), the negative economic impacts of the COVID-19 pandemic are almost non-perceptible in the external trade in services. Exports increased by 17% and imports decreased only by 0.6% compared to the previous quarter.
In the 2nd quarter of 2021:
The value of exports amounted to EUR 5 billion (HUF 1.8 thousand billion), that of imports to EUR 3.4 billion (HUF 1.2 thousand billion). The surplus of the external trade in services added up to EUR 1571 million (HUF 557 billion).
Transport services contributed with an increase of EUR 554 million, travel with EUR 482 million, lease work services with EUR 323 million to the surplus of the second quarter of 2021, among service groups.
65% of our service exports and 70% of our service imports were transacted with EU member countries, generating a surplus of EUR 861 million in this relation.
Germany continued to be our most important partner, having a 21% share of the total turnover. Our second most important partner, the United States, had a share of 9.3 %, on the third place Austria had a 8.1% proportion in the external trade in services.
The proportion of business services was 47% of total service exports, followed by transport services with 28% and travel with 14%.
The share of business services was the most relevant on the import side too, accounting for 64%, while transport services had a share of 25% and travel a share of 6% of total service imports.
In the 2nd quarter of 2021, compared to the same period of the previous year:
The value of service exports increased by 21% in terms of EUR (by 22% in HUF) while that of imports fell by 3.4% (by 2.6% in HUF). The surplus grew by EUR 983 million (by HUF 351 billion) compared to the same period of the previous year.
The significant increase in the surplus is mainly explained by the improvement in the balance of transport services by EUR 355 million and that of travel services by EUR 337 million.
Our surplus in EU trade increased by EUR 764 million, mainly due to the improvement of our trade balance with Germany, by EUR 188 million and Austria, by EUR 86 million.
Regarding countries outside the EU, our balance strengthened by EUR 220 million,or 45%, as a result of a 144% (EUR 126 million) increase in our trade balance with the United States.
No comment yet. Be the first!
Top 5 Articles
Articles by Date
- ►2021 (692)
- ►2020 (899)
- ►2019 (237)
- ►2018 (161)
- ►2017 (310)
- ►2016 (279)
- ►2015 (324)
- ►2014 (229)
- ►2013 (233)
- ►2012 (250)
- ►2011 (303)
- ►2010 (167)
- ►2009 (43)
- ►2008 (3)